Although Guaranteed Asset Protection (GAP) insurance is an invaluable asset to have should your vehicle be declared a total loss, there may be instances where you may need a refund on your policy. You should always consider the implications of cancelling your GAP insurance policy, but you still may be entitled to a full or pro-rata refund should you choose to.
In this guide, we will explain when you can cancel your GAP coverage policy, and when you will be able to get a GAP refund if you are eligible. We will also discuss the various benefits of our GAP insurance policies at ALA, and how you can start building your GAP insurance quote today.
You can cancel your GAP insurance policy at any time. All GAP insurance policies at ALA offer a cooling-off period of 30 days, meaning you will receive a refund of the amount you have already paid providing there are no GAP insurance claims pending at the time.
Policies can be cancelled after this cooling-off period, and the refund will be calculated on a daily pro-rate basis. After 36 months, there will be a £35 cancellation fee and this may cancel out any refund you might receive.
GAP insurance can be a great way to ensure you’re not out of pocket if your car is written off, with different cover options available depending on your circumstances. You can find out more about our Back to Invoice, Vehicle Replacement, Agreed Value and Contract Hire GAP insurance policies on our website.
Yes, you are entitled to a refund on your GAP insurance policy, as you do not need a reason for cancelling. However, there are certain restrictions in place that may prohibit you from receiving a full refund, or any refund at all.
Cancellation within 30 days of the policy start date will result in a full GAP insurance refund, providing there are no claims currently ongoing. Cancelling the policy after this 30-day cooling-off period will result in a pro-rata refund based upon the number of unexpired days remaining on the policy. A cancellation fee of £35 will apply after the 30-day period.
To find out more, or to enquire further about our GAP coverage, you can get in touch with a member of our GAP insurance team today.
Providing you are currently not processing a claim, you will get a full refund if you cancel within 30 days. You should contact ALA as soon as possible to cancel your policy, and your refund will be arranged.
You do not need a reason to cancel your GAP insurance policy, but as soon as you do, your vehicle will not be protected should it be written off or stolen. You will receive a settlement from your comprehensive motor insurer, but this may not cover its value, with nothing to cover the financial shortfall. Therefore, you should discuss with your GAP insurance provider whether cancelling your policy is the best choice for you.
Here at ALA, all of our policies are tailor-made to suit you and your vehicle. Our GAP policies include:
Each policy is suited to a range of different vehicles, no matter whether you bought the car outright, entered into a finance agreement or took out a lease. Depending on your mileage, the age of the vehicle, how you purchased it, plus a range of other important factors, you will be provided with a bespoke quote that you can either pay for upfront or monthly. You can even add optional extras to your policy, such as Tyre and Alloy Wheel Insurance and Policy Excess Cover.
To find out more about our GAP insurance coverage, or to start building your GAP insurance quote, you can visit our GAP insurance policy builder here, or you can get in touch with a member of our team.
If the customer has opted to pay monthly, there are 2 scenarios:
If you sell your car, you may be able to transfer your policy over to the new vehicle, provided it is eligible. There are various time restrictions in place depending on the GAP insurance policy type you chose, which you can find out more about in our previous guide “GAP insurance policy transfers” here.
Yes, there is a cooling-off period that lasts for 30 days.
Car Excess Insurance
Keycare
Scratch and Dent Insurance
Tyre & Alloy Wheel Insurance
Cycle Insurance
